Forestry & Paper: Sappi Q3 21E Insights
Key message: Strong Q3 expected. However, Q4 key for SAP in terms of capturing the benefit from higher DWP prices. In South Africa, we estimate a Q4 EBITDA impact of USD 0.5mn for every ton of DWP.
Forestry & Paper: Textiles Fibre Update
Key message: Strong week for textiles with VSF, cotton and polyester all in the green. VSF op. rate improved to 76% & inventory days down to 23. DWP prices likely to remain stable.
Forestry & Paper: The Navigator Company Q2 21A UWF Insights
Key message: Positive read-though for Mondi. UWF volumes recover significantly, with Q2 sales reaching 2019 levels & June marks NVG’s highest UWF order book ever for this time of year.
Forestry & Paper: Smurfit Kappa H1 21A Packaging Insights
Key message: Positive read-though for Mondi. Corrugated volumes +10%. H2 to see continued strong demand & corrugated price recovery. Containerboard stocks remain extremely tight.
Forestry & Paper: Textiles Fibre Update
Key message: VSF, cotton and polyester in the green. VSF op. rate stable at 74% & inventory days down to 24. DWP/pulp spread likely to keep DWP prices stable.
Forestry & Paper: Nordic Paper Kraft Paper Insights
Key message: Positive read-though for Mondi. Strong performance from the Kraft Paper Segment and expected to continue.
Forestry & Paper: Industry Price Update
Key message: Hardwood pulp price drops 8% in China. CWF producers start realising price increases, and containerboard producers firmly in the green.
Forestry & Paper: BillerudKorsnäs Paper Packaging Insights
Key message: Positive read-though for Mondi. Strong performance from kraft paper (sales +4% y/y and +10% q/q). The structural preference for paper packaging continues.
Forestry & Paper: Textile Fibres Update
Key message: VSF and cotton in the green. VSF vitals improving further with op. rate up to 74% & inventory days down to 25.5. DWP price holding ground.
Forestry & Paper: Industry Price Update
Key message: China pulp price seems to be tempering global price momentum. Graphic Paper producers squeezed further but respond with price increases of 8-10%. Sack kraft market momentum likely to persist into CY 22E.